2024-01-20 22:26

NEW YORK - Grayscale's Bitcoin Trust ETF (NYSE:GBTC) has seen substantial outflows, with reports indicating that more than $600 million has exited the fund. This massive withdrawal has led to considerable sales of its Bitcoin reserves, contributing to heightened volatility in the market today. Investors have been closely monitoring the situation as the outflows from GBTC suggest a shift in sentiment among some market participants. Despite the sell-off, there remains a strong interest in Spot ETFs, which could signal a sense of recovery within the cryptocurrency investment landscape. The movement of funds out of Grayscale's Bitcoin ETF is noteworthy as it represents a significant change in investor behavior. The ETF, which has been a popular vehicle for institutional and retail investors to gain exposure to Bitcoin without directly owning the cryptocurrency, is experiencing a challenge as it navigates through the current market conditions. The outflows have had a tangible impact on Bitcoin reserves, with Grayscale having to sell a portion of its holdings to meet redemptions. This activity has contributed to the volatility seen in today's trading sessions. However, the sustained interest in Spot ETFs may provide some balance to the market dynamics, indicating that while some investors are pulling back, others are continuing to engage with cryptocurrency investments. https://www.investing.com/news/cryptocurrency-news/grayscale-bitcoin-etf-faces-over-600-million-in-outflows-93CH-3278903

2024-01-20 21:49

NEW YORK - Grayscale Investments has incorporated Ripple (XRP) into its Digital Large Cap Fund (GDLF), acquiring a 2.54% position in the cryptocurrency. This strategic move has ignited conversations among investors about the possibility of a Ripple spot Exchange-Traded Fund (ETF) emerging in the near future. The addition of Ripple to Grayscale's portfolio follows the recent authorization of a Bitcoin spot ETF and comes just ahead of an anticipated Ethereum ETF, slated for release in May. In related crypto market news, the innovative finance firm Borroe Finance has completed a successful presale of its $ROE tokens, selling over 222 million tokens and securing $2.6 million in funding. Borroe Finance is at the forefront of integrating Web3 technologies into the finance sector by providing instant funding solutions. Their platform utilizes artificial intelligence for risk assessment and offers loans that are collateralized by non-fungible tokens (NFTs). The cryptocurrency landscape is poised for significant growth with Standard Chartered (OTC:SCBFF) projecting an inflow of nearly $100 billion, a development attributed to the introduction of spot ETFs. These financial instruments are expected to facilitate easier access to cryptocurrencies for a broader range of investors, potentially enhancing liquidity and stability in the crypto markets. https://www.investing.com/news/cryptocurrency-news/grayscale-includes-ripple-in-digital-large-cap-fund-spurs-etf-speculation-93CH-3278902

2024-01-20 00:14

Copyrighted Image by: Reuters. NEW YORK - Franklin Templeton, the global investment firm managing over $1.4 trillion in assets, has recently launched a spot Bitcoin exchange-traded fund (ETF), receiving approval from the U.S. Securities and Exchange Commission (SEC). Jenny Johnson, the CEO of Franklin Templeton, discussed the significance of this development in the investment world, emphasizing the role of Bitcoin in providing investors with a variety of investment strategies and serving as a form of "insurance" against financial instability. Johnson underscored the company's commitment to blockchain innovation, which is not new to Franklin Templeton's strategic initiatives. The firm has previously engaged in tokenization efforts using blockchain technology, showcasing its proactive approach to incorporating digital assets into traditional investment frameworks. The introduction of a spot Bitcoin ETF further cements Franklin Templeton's position at the forefront of integrating cryptocurrency into mainstream finance. https://www.investing.com/news/cryptocurrency-news/franklin-templeton-launches-spot-bitcoin-etf-93CH-3278736

2024-01-19 22:54

Copyrighted Image by: Reuters NEW YORK - Amidst a broader market downturn, a Bitcoin whale has executed a significant transaction, withdrawing 700 BTC from Binance. This move, amounting to roughly $29.36 million, comes as Bitcoin's price fell below the $41,000 mark today. The average price at which the Bitcoin was withdrawn stood at $41,948 per coin, indicating a strategic purchase during the price drop. In a similar vein, an Ethereum investor took advantage of the lower prices by acquiring 3,600 ETH, valued at approximately $8.9 million. The timing of the buy suggests a tactical decision, especially considering the investor's history of profitable Ethereum trades, which have previously netted an estimated $25.8 million in gains. The cryptocurrency market has seen a notable decrease in trading volumes, with Bitcoin experiencing a significant drop. Ethereum's price has also declined in line with the market trend. https://www.investing.com/news/cryptocurrency-news/bitcoin-whale-makes-strategic-2936-million-purchase-as-market-dips-93CH-3278721

2024-01-19 17:33

DAVOS - Ripple CEO Brad Garlinghouse, speaking at the World Economic Forum today, expressed criticism of the U.S. Securities and Exchange Commission's (SEC) handling of cryptocurrency regulation. In a series of discussions, including interviews with Fox Business and CNBC, Garlinghouse highlighted the SEC's preference for enforcement actions rather than establishing clear regulatory frameworks, citing Ripple as a prime example of the agency's approach. Garlinghouse contrasted the SEC's strategy with that of the European Union, noting that EU countries are advancing in the creation of transparent cryptocurrency regulations and licensing frameworks. He emphasized the SEC's inconsistency, pointing out their approval of Bitcoin ETFs while other aspects of the crypto sector remain in a regulatory grey area. The Ripple CEO also discussed the potential benefits of blockchain technology, particularly its ability to enhance global payment systems. He underscored Ripple's contribution to blockchain solutions, especially for cross-border settlements, and noted that the majority of Ripple's customers are based outside the United States. Garlinghouse's comments at the prestigious annual meeting in Davos reflect ongoing tensions between the cryptocurrency industry and regulatory bodies, as companies like Ripple seek clarity in an evolving digital financial landscape. https://www.investing.com/news/cryptocurrency-news/ripple-ceo-criticizes-secs-crypto-regulation-approach-at-davos-93CH-3278575

2024-01-19 13:41

Copyrighted Image by: Reuters NEW YORK - ARK Invest, the investment firm headed by Cathie Wood, has made significant changes to its cryptocurrency investment strategy. The firm's ARK Next Generation Internet ETF (NYSEARCA:ARKW) has sold a substantial number of shares in the ProShares Bitcoin Strategy ETF (NYSEARCA:BITO) and has redirected the funds into its own ARK 21Shares Bitcoin ETF (NYSEARCA:ARKB). On Thursday, ARKW sold 758,915 shares of BITO for approximately $15 million. These funds were immediately utilized to purchase shares in ARKB, a move that aligns with ARK Invest's approach to concentrate on Bitcoin and the broader theme of financial innovation. The transition away from investments like BITO and Grayscale Bitcoin Trust (OTC:GBTC) to ARKB is a strategic decision that reflects the firm's commitment to adapt to the changing landscape of cryptocurrency. ARKW's portfolio continues to feature Coinbase (NASDAQ:COIN) as a significant holding, representing an NAV percentage of 8.6%. This sustained investment in Coinbase underscores ARK's belief in the potential of cryptocurrency exchanges and the pivotal role they play in the digital asset ecosystem. https://www.investing.com/news/cryptocurrency-news/ark-invest-shifts-focus-within-crypto-holdings-sells-proshares-bitcoin-etf-93CH-3278355